Northwire Canada EditionTuesday, August 18, 2026
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Earnings

Cameco Announces 2025 Results; Solid Fourth Quarter and 2025 Performance; Increasing Long-Term Uranium Market Activity Reinforces Constructive Outlook; Disciplined Supply Strategy Expected to Position Company to Unlock Value From Growing Demand

By The Northwire Desk — AI Analysis Feb 13, 2026 · 06:32 CCO · 158.43 Cameco Corporation
CCO · Price

Executive Summary

  • Cameco reported a strong Q4 2025 and full‑year 2025, with net earnings rising to $199 M for the quarter (+48%) and $590 M for the year (+244%) versus 2024.
  • Adjusted EBITDA increased to $1.255 B for FY 2025 (up $398 M YoY), driven by higher uranium prices, robust Westinghouse contributions, and improved fuel‑services margins.
  • The company generated $677 M of cash from operations in Q4 and ended 2025 with $1.2 B of cash & short‑term investments and $1.0 B total debt after repaying the remaining US$200 M term loan.

Key Details

  • Revenue: $1,201 M (Q4) vs $1,183 M (Q4 2024); $3,482 M FY 2025 vs $3,136 M FY 2024.
  • Gross Profit: $273 M (Q4) vs $250 M; $970 M FY 2025 vs $783 M.
  • Net Earnings – IFRS: $199 M (Q4) vs $135 M; $590 M FY 2025 vs $172 M.
  • Adjusted Net Earnings: $217 M (Q4) vs $157 M; $627 M FY 2025 vs $292 M.
  • Adjusted EBITDA: $591 M (Q4) vs $524 M; $1,929 M FY 2025 vs $1,531 M.
  • Cash from Operations: $677 M (Q4) vs $530 M; $1,408 M FY 2025 vs $905 M.

Segment Highlights

  • Uranium: Revenue $1,027 M (down 1% QoQ); production 6.0 M lb (‑2% QoQ), sales 11.2 M lb (‑12% QoQ). Average realized price rose to US$65.53/lb (+12%). FY production 21.0 M lb (‑10% YoY) but exceeded guidance of up to 20 M lb.
  • Fuel Services: Revenue $174 M (+18% QoQ); production 3.8 M kgU (+6% QoQ), sales 4.4 M kgU (+6% QoQ). Average realized price US$39.39/kgU (+11%). FY production 14.0 M kgU (record for Port Hope conversion plant).
  • Westinghouse (49% owned): Revenue $958 M (+14% QoQ); adjusted EBITDA $211 M (+30% QoQ). Net earnings (share) $26 M (+>100%). Received US$350 M cash distribution in 2025 (US$171.5 M share).

Financial Position

  • Cash & short‑term investments: $1.2 B at year‑end.
  • Total debt: $1.0 B after full repayment of the US$200 M term loan.
  • Dividend: Annual dividend increased to $0.24 per share for 2025, advancing the planned increase by one year.

Operational Updates

  • Uranium production of 21.0 M lb (our share) exceeded revised guidance; Cigar Lake produced 19.1 M lb (100% basis).
  • Fuel Services conversion facility set a record 11.2 M kgU UF₆ output.
  • Total uranium inventory at year‑end: 9.7 M lb (average cost $61.85/lb).

Strategic Highlights

  • Westinghouse participation in the Dukovany nuclear power plant project adds ~US$170 M to Cameco’s share of Q2 2025 revenue and provides long‑term fuel‑fabrication contracts.
  • New strategic partnership with the U.S. Government (with Brookfield & Westinghouse) aims to accelerate AP1000 reactor deployments, targeting at least US$80 B in aggregate investment.

Outlook & Guidance

  • 2026 guidance for Westinghouse adjusted EBITDA: US$370‑430 M; EBITDA: US$335‑395 M (share basis).
  • Company expects to continue leveraging long‑term uranium contracts (~230 M lb committed) and expanding fuel‑services contract volume to ~83 M kgU of UF₆.

Notable Quotes

“Our fourth quarter and year‑end results reflect another year of disciplined execution across our uranium, fuel services, and Westinghouse segments… we are well positioned to unlock value in a strengthening market.” – Tim Gitzel, CEO

All figures are as presented in Cameco’s Q4 2025 press release (Business Wire, 12‑Feb‑2026).

Read the original news release →

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